P5.2B assets in flood control scandal frozen

The Anti-Money Laundering Council has frozen P5.2 billion worth of assets tied to public works officials and contractors implicated in the corruption scandal of anomalous flood control projects.

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During the signing of a memorandum of agreement on Thursday, October 23, the AMLC and the Department of Public Works and Highways (DPWH) announced closer coordination in sharing information for a comprehensive financial review of transactions involving DPWH officials and contractors.

Part of the agreement is to streamline freeze order requests involved in the infrastructure projects being investigated by the DPWH.

AMLC Executive Director Matthew David said assets under six Court of Appeals freeze orders already total P5.2 billion, with the figure expected to rise as more properties and bank accounts are valued.

“Right now as of this morning, it is already valued at P5.2 billion and we’re still waiting for other bank returns and valuation of other properties that were frozen by the six freeze orders,” he said.